Chip then analyses your spending and calculates how much you can afford to save without impacting your day to day spending. That money is then moved in to your Chip savings account, by Direct Debit.

You shouldn't notice the money missing. It's the equivalent of a few cups off coffee, a round of drinks or a Sunday night Dominos. Spend more and Chip will save you less, but be a hero, spend less and Chip will save you more.

The savings account is instant access so you can always withdraw your money whenever you need it.

Oh, and your money is held at Barclays Bank plc. You've probably heard of them, they're kind of a big deal.